This week Guy Carson takes a look at REITs and their potential role as the source of crisis in the Australian economy. A version of this article was published in The Australian on 21 October 2017. Back in 2007, the wheels began to fall off the global equity market...
Global Equities
Creative Accounting and non-payment of tax as a source of risk – the importance of fundamental oversight
This week Robert Swift and Roger McIntosh, of the TAMIM Global Equity High Conviction IMA, take a look at the tricky subject of creative accounting and how it must be factored into your stock analysis. Quantitative stock selection models such as our VMQ assessment,...
Telstra Revisited
This week we present a piece by Hamish Carlisle, analyst with the TAMIM Australian Equity Income IMA powered by Merlon Capital Partners, as they review their analysis of Telstra. When Merlon was established in 2010 and we first formally reviewed Telstra, the stock was...
Evidente – Subdued volatility conditions belie tail risks
This week we present an article by friend of TAMIM Sam Ferraro as he examines the subdued volatility the Australian market has been experiencing. Market volatility conditions have remained subdued for some time. Daily return volatility of the Australian dollar Trade...
Is this time different for IT services?
This week Guy Carson reviews the IT services sector which is a sector typically overlooked by the Australian market. When an investor thinks about the Australia equity market, they typically think of Banks and Resources. They may also think about supermarkets, Telstra...
Amazon Not Introducing Internet to Australia
Adrian Lemme, analyst with the TAMIM Australian Equity Income portfolio, takes a look at the impending arrival of Amazon and the impact it should have on the Aussie landscape. Amazon Not Introducing Internet to Australia TAMIM Australian Equity Income - Merlon Capital...
So you’ve sold Telstra… Now what?
Remember the Tech Media Telecom (TMT) bubble of the late 1990s? Australia didn’t participate because of an absence of such companies on the ASX, but elsewhere it produced a frenzy of deals and some ludicrous valuations which mostly came unstuck. Although it eventually...
Australian Supermarkets: The death of a duopoly
This week Guy Carson, manager of the TAMIM Australian Equity All Cap Value IMA, takes a look at the Australian supermarkets, the prevailing duopoly, incoming competition from ALDI, Costco and Amazon and how the future looks for this sector. Australian Supermarkets:...
Is China the source of the next crash? – Notes from a long stay in Shenzhen
Karl Hunt, of the TAMIM Global High Conviction strategy, spent a month living in a district in Shenzhen, in an attempt to better understand what was happening in the world’s second-largest economy, and to gauge what the locals were doing. Here is his report. The...
Evidente – APRA’s Quest for an Unquestionably Strong Financial System Continues
Following on from a previous article - Australian Banks: The death of a 25 year bull market - last week, this week we highlight an article from Sam Ferraro on APRA and the impact their macro-prudential changes will have on the banks. While the article is slightly...
North Korea – “Buy on the cannons; sell on the trumpets”
Robert Swift takes a look at the sideshow that is North Korea. We do not believe that North Korea impacts global economic fundamentals and that any short term dips that it may create in markets are good opportunities for us to purchase assets we would like to hold...
Australian Banks: The death of a 25 year bull market
This week Guy Carson takes a look at the Australian banking sector, how it generates profit, how this has operated historically and what the outlook is going forward. Guy argues that the tailwinds aiding bank profitability over the last 25 years may be coming to an...